news TORONTO, July 12, 2017 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX:WDO) (“Wesdome” or the “Company”) today announces second quarter 2017 (“Q2”) gold production results of 12,529 ounces bringing year to date produced ounces to 27,691 ounces.
Mr. Duncan Middlemiss, President and CEO commented, “Second quarter production results of 12,529 ounces were in line with budget. In the first half of the year, 27,691 ounces have been produced, indicating we are well on track to meet this year’s production guidance of 52,000 – 58,000 ounces. During the quarter, we completed development on the 844 metre level in the 300E Zone. This new production area of the mine displays above historic average widths and grades, and we expect to be producing from the 303 Lens in the fourth quarter of this year. This development, combined with recent successes in the 300W and 7 Zones bode well for increasing the average grades of our mineral reserves and our near term annual production profiles.”
| | Tonnes
Milled (t) | Head
Grade
(g/t) | Average Mill
Recovery Rate
(%) | Gold
Produced
(ounces) |
| Eagle River Mine | 34,960 | 9.8 | 96.3 | 10,597 |
| | | | | |
| Mishi Open Pit | 39,117 | 1.8 | 83.1 | 1,932 |
| | | | | |
| Q2 2017 Production | 74,077 | 5.6 | 94.0 | 12,529 |
The Company’s guidance remains unchanged at 52,000 – 58,000 ounces for 2017. Ounces sold were 13,030 ounces at an average sales price of CAD$1715 per ounce, (revenue of CAD$22.3 M) exceeding the Company’s internal forecast of CAD$1550 per ounce.
UPDATE ON KIENA EXPLORATION RAMP
The Company also wishes to announce that it has selected CMAC-Thyssen Mining Group Inc. (“CMAC”) as the contractor to drive the exploration ramp at Kiena. CMAC is mobilizing equipment at the Kiena site and ramp development is expected to begin on or before August 1, 2017.
TECHNICAL DISCLOSURE
The technical and scientific disclosure in this press release has been compiled, reviewed, and approved by Philip Ng, P. Eng, Chief Operating Officer of Wesdome and “Qualified Person”as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.